Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why
22 Abril 2024 - 11:09PM
NEWSBTC
Ethereum price is gaining pace above the $3,120 resistance zone.
ETH could continue to move up unless there is a daily close below
the $3,030 level. Ethereum extended its increase above the $3,150
resistance zone. The price is trading above $3,150 and the
100-hourly Simple Moving Average. There is a connecting bullish
trend line forming with support at $3,160 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could continue to move up
unless the bears push it below the $3,030 zone. Ethereum Price
Extends Increase Ethereum price started a recovery wave and was
able to clear the $3,000 resistance, like Bitcoin. ETH even climbed
above the $3,050 and $3,120 resistance levels to move into a
positive zone. It traded to a new weekly high at $3,234 and is
currently consolidating gains. There was a minor decline below the
$3,200 level. Ether dipped below the 23.6% Fib retracement level of
the recent increase from the $3,120 swing low to the $3,234 high.
Ethereum is now trading above $3,150 and the 100-hourly Simple
Moving Average. There is also a connecting bullish trend line
forming with support at $3,160 on the hourly chart of ETH/USD. The
trend line is close to the 61.8% Fib retracement level of the
recent increase from the $3,120 swing low to the $3,234 high.
Immediate resistance is near the $3,210 level. The first major
resistance is near the $3,235 level. The next key resistance sits
at $3,280, above which the price might gain traction and rise
toward the $3,350 level. Source: ETHUSD on TradingView.com A close
above the $3,350 resistance could send the price toward the $3,500
resistance. If there is a move above the $3,500 resistance,
Ethereum could even test the $3,550 resistance. Any more gains
could send Ether toward the $3,720 resistance zone in the coming
days. Downside Correction In ETH? If Ethereum fails to clear the
$3,235 resistance, it could start a downside correction. Initial
support on the downside is near the $3,175 level. The first major
support is near the $3,160 zone and the trend line. The main
support is near the $3,150 level and the 100-hourly Simple Moving
Average. A clear move below the $3,150 support might increase
selling pressure and send the price toward $3,030. Any more losses
might send the price toward the $2,850 level in the near term.
Technical Indicators Hourly MACD – The MACD for ETH/USD is losing
momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is
now below the 50 level. Major Support Level – $3,150 Major
Resistance Level – $3,235
Ethereum (COIN:ETHUSD)
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